Fourth Mainland Bridge cost reviewed to $2.5 billion
The proposed fourth mainland bridge will now cost the Lagos State Government $2.5 billion. This disclosure was made by the Director-General, Office of Public Private Partnership (PPP), Ope George.
It would be recalled that in September 2020, the government valued the construction project at $2.2 billion.
George addressed reporters as part of activities to mark the second year in office of Governor Babajide Sanwo-Olu.
The 38km bridge expected to connect Lagos Island through Lekki, Langbasa and Baiyeku towns and across Lagos Lagoon to Itamaga in Ikorodu. It is expected to be the longest bridge in Africa.
George said: “The preferred bidder, of the six bidders who tendered their bids, will be determined in October. The project will be funded under PPP and is presently undergoing technical processes to eliminate glitches.
He added: “The state is at a critical point where glitches have been identified and are being addressed to finalize processes so the project can start.”
George stressed the state would continue to ensure friendly environment for private sector engagement to thrive in partnership with the government to drive development.
According to him, some iconic projects funded under PPP arrangements are Ilubirin Estate, a public foreshore housing project being built on reclaimed land in Ikoyi Island at the foot of the third mainland bridge, facing the Lagos Lagoon waterfront.
George added: “Also on housing, are the development of luxury apartments at GRA Ikeja, to replace the Old Lagos secretariat with multipurpose apartments on 6,2894Sqm, FBT Coral Estate Limited, a PPP arrangement to reclaim 775,120Sqm of land for the proposed mixed used development; provision of cloud infrastructure and web portal for online gathering and registration of real estate agents and transaction — landlord technologies — to regulate the real estate sector.
“There is also the proposed ring road which is expected to provide alternative traffic resources from Lekki to Ikorodu, Ikeja to Ajah, relieving the third mainland bridge of its overstretched capacity. It is a four-lane carriageway, cross-sectional road with permission for Bus Rapid Transit, BRT lane and future road construction.”
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